The National Company Law Tribunal (NCLT) on June 12, deferred the hearing of aircraft lessor Wilmington Trust SP Services (Dublin) Ltd's insolvency plea against SpiceJet.
The case is likely to be hear on June 16.
When the case was called for hearing, SpiceJet's lawyers sought for adjournment to July as the senior counsel appearing for the budget airliner was not available. The tribunal, however, refused to grant adjournment to July and deferred the hearing of the case to June 16. The tribunal has also expressed an inclination to hear both the sides on June 16.
In May 2023, the Directorate General of Civil Aviation (DGCA) deregistered three planes of SpiceJet at the request of lessors, one of the aircrafts belonged to Wilmington.
Lessors Wilmington Trust SP Services, Sabarmati Aviation Leasing and Falgu Aviation Leasing approached the civil aviation regulator, requesting deregisteration of three Boeing 737-800s over non-payment of dues.
Other insolvency pleas against SpiceJet:
Wilmington is the third lessor to have moved the NCLT for recovering their dues from SpiceJet. Pleas by aircraft lessor Aircastle and engine lessor Willis lease finance are already pending in the tribunal.
The NCLT on May 8 issued notice in Aircastle's plea and sought the airline's response. SpiceJet had accordingly filed a response to the plea, and Aircastle sought for a short adjournment on May 25 to respond to the the airline's reply. Subsequently, SpiceJet had filed an application questioning the maintainability of Aircastle's insolvency plea. The case is expected to be heard by the tribunal on July 17.
Engine lessor Willis lease finance's case was also adjourned to July 4 for hearing.
Real Estate company Acres Buildwell Private Limited, which had initiated insolvency proceedings against SpiceJet, has filed an application in the NCLT to withdraw its plea after the parties resolved the dispute.
On May 11, SpiceJet said it is taking steps to revive its grounded fleet using the $50 million it received from the government's Emergency Credit Line Guarantee Scheme (ECLGS) and internal cash accruals, as it sought to quash rumours of insolvency.
SpiceJet has been maintaining that it has no intention of filing for insolvency and is focused on its business.
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